The Progressive Co. (NYSE:PGR) Insider Sells $164,870.10 in Stock

The Progressive Co. (NYSE:PGR) insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Progressive Price Performance

Shares of NYSE PGR opened at $243.45 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a 50 day simple moving average of $251.47 and a two-hundred day simple moving average of $240.95. The Progressive Co. has a fifty-two week low of $164.16 and a fifty-two week high of $270.62. The company has a market capitalization of $142.62 billion, a price-to-earnings ratio of 17.69, a P/E/G ratio of 0.70 and a beta of 0.41.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Analysts expect that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Friday, January 10th. Progressive’s payout ratio is 2.91%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Barclays lowered their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday. Roth Mkm upped their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, TD Cowen raised their price target on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $275.00.

Institutional Trading of Progressive

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in shares of Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after buying an additional 1,682,213 shares during the last quarter. Jennison Associates LLC lifted its position in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Progressive by 75.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after purchasing an additional 641,943 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after purchasing an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Progressive by 206.8% in the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.